B2Gold Corp. announces further positive exploration drill results from the Cebollati project in Uruguay

• UC11-019 with 11.15 metres grading 11.59 grams per tonne (“g/t”) gold within a broader 23.85 metres interval of mineralization grading 5.69 g/t;
• UC11-022 with 7.55 metres grading 5.67 g/t gold; and
• UC11-021 with 16.25 metres grading 1.74 g/t gold.

Recent drilling was concentrated in two areas, Southern and Windmill, with the aim to help in defining the geometry of the previously identified zones and test for multiple zones within the target areas. Tighter spaced drilling confirms the existence of zones of continuous, shallow, mineralization within both the Windmill and Southern zones, which are open along strike and to depth. In conjunction with the trenching each of these zones extends for in excess of 400 metres within a mineralized system which has been defined over greater than 2.2 kilometres in strike length (see B2Gold press release dated November 15, 2010).

Fifteen holes totalling 2,132 metres have been drilled to date in the Southern zone with the majority of the holes testing the eastern limb of a broad antiformal structure close to the main fold hinge zone within the deformed marble sequence. Recent drilling results are summarized in the table below. Broad zones of alteration and mineralization have been intersected within the Southern zone with several shallow easterly dipping high grade shoots now identified, as typified by holes UC11-019 and UC11-022, which intersected 11.15 metres grading 11.59 g/t gold (6.17 g/t gold with assays capped at 25 g/t gold) and 7.55 metres grading 5.67 g/t gold (4.66 g/t gold with assays capped at 25 g/t gold) respectively. These higher grade shoots have been traced for approximately 75 metres down dip, remain open to the north and south but appear to pinch out to the east. In addition to these holes a single hole, UC11-029, tested the western limb of the antiform and intersected narrow, potentially stacked, horizons of replacement mineralization, with the central horizon returning 3.30 metres grading 3.76 g/t gold. Additional holes will follow up on this new area of mineralization at a later date.

Highlights of the recent Southern zone drilling are shown below:

To date twelve holes totalling 1,806 metres have been drilled in the Windmill zone area. The main zone dips at approximately 70 degrees to the west, has been traced down dip for in excess of 130 metres and remains open with the oxidation continuing to depth. New results of interest include hole UC11-023 with 3.70 metres grading 2.55 g/t gold and hole UC11-025 with 2.35 metres grading 5.52 g/t gold.

Highlights of the recent Windmill drilling are as follows:

The higher grade shoots in both zones are comprised of both concordant and discordant zones of intense iron oxide replacement and silicification of the banded marble horizons in association with zones of dolomitization and cross cutting quartz-hematite and quartz-sulphide en-echelon and ladder, vein systems. Elevated levels of base metals are common in the mineralized zones with up to 1.8% copper, 10.1% zinc and 4.5% lead present in individual samples along with silver values of up to 247 g/t. Based on the drilling results to date B2Gold’s management believes the Cebollati property has the potential to host multiple zones of potentially economic gold mineralization.

Trenching and drilling is continuing at Cebollati, but at a slower pace due to the wet conditions experienced during the Uruguayan winter. One drill is currently operating on the project testing targets outside of the main Windmill and Southern zones. The 2011 exploration and drilling program at Cebollati is budgeted for US$4.5 million with a total of 8,500 metres planned. More trenching and drilling results will be released as available.

Samples for Cebollati are submitted with blanks, duplicates and industry certified standards inserted in the field and prior to reception at ACME Laboratories in Santiago, Chile. Sample preparation and fire assaying is completed by ACME Laboratories in Santiago and ICP analysis at ACME Laboratories in Vancouver, Canada. Check assays are conducted at ALS Labs in Vancouver, Canada. All results stated in this announcement have passed B2Gold’s quality assurance and quality control (“QA/QC”) protocols.

The exploration programs for the Company are reviewed and the results approved by Tom Garagan, B2Gold’s Qualified Person under National Instrument 43-101.

ON BEHALF OF B2GOLD CORP.

Tom Garagan, Senior Vice President of Exploration

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.